Are the requirements of Form 410A Still Impeding Your Proof of Claim Process?

The new Bankruptcy Proof of Claim form and its attachment, Form 410A, has been a challenge, to say the least, for the mortgage servicing industry.

Prior to the rule change last December, servicers did everything they could to prepare and comply.

Five months later, many organizations are still struggling to manually produce itemized statements for every Proof of Claim, as a result of in-house resource constraints and technology limitations.

American InfoSource (AIS) has worked diligently to develop highly-efficient Payment Reconciliation Solutions that help financial institutions:

Generate detailed, Form 410-compliant payment ledgers

Include descriptions of fees, escrow balances, suspense, etc. that accurately match the client’s system of record

Transform various payment history file formats into an easy-to-read excel format

As the largest filer of Proofs of Claim in the country, AIS can also support its clients with the formatting and direct electronic delivery of POCs to all courts, ensuring that claims are accurate and include the required documentation and breakdown.